6 reasons to file your tax return early!
The Christmas holidays are the perfect time for everyone to unwind with their friends and family after a stressful year. This year, the festivities, in particular, arrive after a lengthy lockdown period owing to COVID-19 and should be celebrated in the best way possible.
Opting to work during the holidays might seem like the last thing you would want. Still, you need to plan for your self-assessment tax returns to be filed.
In this article, we discuss six reasons why you should consider letting an accounting service provider such as Account-Ease help you with your tax returns.
1. You are likely to have more time and fewer distractions
Plan ahead! This Christmas spend more time with your family and loved ones. Send your data to us and let us worry about the accounts and processing your tax returns.
You know better, taxes are something no business can avoid. So the sooner you get your accounts in order and calculate how much you owe the HMRC, the more time you have in hand to enable yourself to prepare for those payments, which are typically significant in amount. Therefore, contact us to help you out with that.
2. We will enable you to receive your tax refund early
While this is not guaranteed to happen, the earlier you file your business tax returns, the likelier you are to receive your tax refund early if one is due to you. This means an extra influx of money during the holiday season, which will only add to the Christmas cheer.
3. You are less likely to make mistakes
When you rush to file your tax returns just before the end-of-year self-assessment deadline, you are more likely to enter the wrong figures or accidentally leave something out. By starting earlier, you don’t need to feel hassled.
The same is true for your accountant who has more time in hand to go through the books carefully, enter all the correct details, and acquire any documents you don’t have in place already.
This also means that the risk of having to pay fines because of incorrect entries or late filing goes down for you.
4. You reduce your Christmas stress
Christmas holidays have their versions of stress, including family tensions, preparing festive dinners, and keeping yourself occupied indoors during the pandemic. While it might not seem like fun, delegating your self-assessment tax returns can actually be a good break from family stressors and help you come back more refreshed.
5. You will enter January peacefully
At the start of the new year, businesses typically have long-term goals that they look to implement. The prospect of an impending tax assessment, however, can be a dampener.
By letting an accounting partner take care of it, you can devote all your energy to making a fresh start and fulfilling your business goals, rather than looking for receipts or necessary information.
You also have one less burden to take care of, which improves your peace of mind and boosts your motivation to sketch out plans that will take your business to the next level in the New Year.
6. You have time to ask for help if needed
Preparing and filing your self-assessment forms can be complicated and time-consuming, particularly when you have other critical tasks to take care of or simply want to spend more time with your family.
Starting the process early lets you decide how much time you will need to devote to it, whether you need to pick the right service provider for the job quickly.
Accounting experts who handle outsourced jobs have all the experience, technology and know-how needed to complete your self-assessments accurately and on time, leaving you free to focus on other things.
Enjoy Christmas; Hire Account-Ease
While the Christmas holidays should be a much-needed break for you, making some progress on your self-assessment can actually reduce your stress in the long run and help you kick start the New Year with vigor and aplomb.
So if you are looking to save some extra time and give yourself a break at Christmas, you can always send your self-assessments to an accounting service provider like us who will do it accurately for you at a competitive price.
Simply call us on 0208 133 4599 or drop us a line at askus@account-ease.co.uk to learn how we can reduce your self-assessment burden during the holiday season.
